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Bitcoin continues to lose altitude and risks falling to crucial support near $7,555.

A UTC close below that level would invalidate an inverse head-and-shoulders breakout confirmed on Jan. 6.

However, the pullback was based on low volumes and could be reversed.

A move above $8,000 would imply an end of the price pullback and open the doors for a re-test of the recent high of $8,463.

Bitcoin is flashing red for the third straight day, with a major portion of the recent price gains now erased.

After a drop back to below $7,800, the cryptocurrency has erased nearly 45 percent of the rise from $6,850 to $8,463 witnessed in the six days to Jan. 8, according to CoinDesk’s Bitcoin Price Index.

At press time, the biggest cryptocurrency by market value is currently changing hands near $7,757, representing a 1.5 percent drop from the day’s opening price (UTC) of $7,875. Bitcoin shed 1.4 percent and 2.9 percent on Wednesday and Thursday, respectively.

The cryptocurrency did show signs of life with a move higher from $7,780 to $8,000 during the early U.S. trading hours on Thursday. However, the bulls lost momentum near the $8,000 psychological resistance and the minor bounce was quickly reversed.

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